Udaan raises USD 114 million in Series G funding
New Delhi: Bengaluru-based
B2B e-commerce
platform Udaan has raised USD 114 million in equity capital.
The
Series G funding
round was led by
M&G Investments
and
Lightspeed Venture Partners
, with participation from both new and existing investors, the company said in a press release on Monday.
According to the company, the fresh capital will be utilized to strengthen Udaan's presence in the fast-moving consumer goods (FMCG) sector and the hotel, restaurant, and catering (HoReCa) segment. Also, the company plans to accelerate its private label initiatives in the staples category.
The funds will also bolster Udaan's balance sheet, providing enhanced financial flexibility as it advances toward a potential public listing.
'Over the last 3 years, we have transformed the business by building cost as a capability and a competitive advantage. We have reduced our EBITDA burn by 40% every year for the last 3 years and are on track to achieve full group EBITDA profitability in the next 18 months. Udaan's hybrid model of 'highly available eCom app + new-gen tech-first sales' is now established as the benchmark winning model for eB2B, providing an ROI accretive customer wallet growth, and a strong solution for brands and manufacturers to drive product mix,' said Vaibhav Gupta, co-founder and CEO, udaan.
The company has been focusing on achieving profitability at scale, implementing a regional cluster-led operating model. The etailer claimed to have reported a 60 per cent year-on-year growth in calendar year 2024, alongside a 300 plus basis point improvement in contribution margin.
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